Pages

January 24, 2011

U.K. Stores Jobs on the Chopping Block

Many stores jobs are expected to close overseas as one company continues to struggle. To see some available jobs in the states, check out http://grocery.coloradojobs.com.

HMV Group, a popular European media retail chain, recently announced its plans to close 60 stores and layoff more than 1,000 sales positions (Click here) throughout the United Kingdom and Ireland. The company hopes employee turnover will reduce the number of anticipated job cuts.

The stores to be closed include 40 HMV stores and 20 Waterstones stores. According to an article by Marketing Magazine, the first stores to be closed are those in underperforming cities, as well as those in cities with two or more stores.

HMV is one of the few remaining stores that focuses on distributing media to a mass audience, meaning the store closures could negatively effect the local music industry, which prompted seven top U.K. music executives to sign a pledge in support of the store.

The layoff announcement follows what HMV called a disappointing Christmas period that left the company with a net debt of £151 million. The company also is undergoing a credit insurance review in order to keep up with supply and demand.

HMV currently operates 285 stores throughout the U.K. and Ireland. HMV International operates 125 stores in Canada, five in Hong Cong, and two in Singapore. The company employs about 9,000 employees throughout five countries.

The company saw U.K. sales of about £1.24 billion during the last fiscal year. About 45 percent of the store's sales come from DVDs and Blu-rays, while 28 percent is from music, 24 percent is from games and technology, and 3 percent is from related entertainment products.

In addition to its popular stores, HMV also operates a number of live music venues in the U.K., including: the HMV Apollo and HMV Forum in London; and the HMV Picture House in Edinburgh. The company also puts on a number of summer music festivals.